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Crypto Market Cap Overview
| 2023/06/25 | 2023/07/02 | ||
| Market Overview | Weekly numbers ($M-USD) | Weekly numbers ($M-USD) | WoW %
weekly change |
| S&P | 4,398.95 | 4,505.42 | 2.42% |
| Nasdaq | 13,660.72 | 14,113.70 | 3.32% |
| US 10-year Treasury Rate | 4.06% | 3.83% | -0.23% |
| Crypto Marketcap | $1,221,833 | $1,254,811 | 2.70% |
| BTC dominant | 51.52% | 50.06% | -1.46% |
| ETH dominant | 19.67% | 19.72% | 0.05% |
| Percentage of Staked ETH | 19.99% | 20.29% | 0.30% |
| Lido Dominance in all ETH Staking | 31.95% | 32.01% | 0.06% |
| Lido Dominance in ETH LSD Staking | 86.03% | 86.08% | 0.05% |
| stablecoins | $128,134 | $127,897 | -0.18% |
| Defi | $47,993 | $50,982 | 6.23% |
| Defi: Eth ratio | 21.40% | 22.00% | 0.60% |
| TVL | $44,370 | $44,903 | 1.20% |
| nft | $6,015 | $6,458 | 7.36% |
Ripple Labs’ victory in the case against the United States Securities and Exchange Commission gives a significant boost to the crypto industry. In addition to benefitting Ripple and XRP , analysts believe that the ruling will weaken the regulator’s case against Binance and Coinbase.
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Fundraising Events by Sectors
Infrastructure
Silent Protocol ushers in a new era of DeFi privacy as Sora Ventures leads $5M round
The project, which kicked off in 2021, has already attracted initial funding from venture capital firms such as Zee Prime Capital, Mechanism Capital, Hypersphere, and Daedalus, among others.With its $5 million funding round led by Sora Ventures, Silent Protocol aims to extend its network into and beyond web3. The goal is to facilitate their work with traditional institutions by constructing a security layer for their applications, compliant with MiCA (Markets in Crypto-Assets) regulations in the European Union.
DeFi
Announcing Ion Protocol’s $2M Pre-Seed Round
We’re thrilled to announce that Ion Protocol has successfully raised an oversubscribed $2M pre-seed funding round. Our mission is to revolutionize decentralized finance (DeFi) through the creation of a lending platform that supports both staked and re-staked assets which has been bolstered by the support from our co-leads, Portal Ventures and SevenX Ventures.
Our first funding round brought together an impressive assortment of value-aligned investors, including BanklessVC, HASHCIB, Foresight Ventures, Smrti Labs, Maelstrom Fund, Breed VC, Everstake Pool, Punk Ventures DAO, Builder VC, and Picks and Shovels VC.
Brevan Howard Joins $12M Round for Liquid Staking Protocol Alluvial
Software development company Alluvial has raised $12 million in a Series A funding round to further development of Liquid Collective, a liquid staking protocol. Ethereal Ventures and Variant co-led the fund with participation from Brevan Howard Digital, Avon Ventures, Nascent Capital, a_capital, Robot Ventures, Fenbushi, IOSG and Blockdaemon, among others.
Participation in ETH staking has increased since Ethereum’s Shanghai upgrade unlocked withdrawals of the staked tokens in April, which has increased the queue for staking to weeks. Liquid staking software solutions such as Liquid Collective can eliminate those wait times while boosting liquidity and capital efficiency by allowing users to create on-chain receipts of their positions on proof-of-stake blockchains. Users can use those receipts as collateral or to transfer ownership of the assets.
OKX Ventures Makes a Strategic Investment in Aark Digital — A Decentralized, Derivatives DEX on Arbitrum
OKX Ventures is pleased to announce the strategic investment in Aark Digital — the next generation of GMX-style perp DEX. Built for professional traders, Aark introduces features that no other provides.
Aark introduces a new AMM architecture called PMM(Parallel Market Maker) which enables the trading of 300+ pairs including Super Long Tail Assets. PMM reflects liquidity from order books of top CEXs like OKX and Binance, making Aark the most liquid exchange among all CEX and DEXs. Aark provides advanced execution features and cross-margin for professional traders.
GameFi
MetaCene’s Seed Round Fundraising Completes with an Impressive Roster of Renowned Investors
We are proud to announce that MetaCene has successfully completed its seed funding round, raising $5 million from a range of notable investors. The funding round was led by SevenX Ventures and Hash Global, with participation from WeMade, MixMarvel DAO Venture, Emurgo, Sinovation Ventures, and LK Venture. This impressive portfolio of investors not only reflects the strong support and confidence in our vision but also demonstrates the potential impact of our mission to create an accessible Web3 world for the masses.
NFT
Get Protocol Raises $4.5 Million to Take on Ticketmaster With NFT Tickets – Decrypt
NFT ticketing company Get Protocol has raised $4.5 million, launching its “Web 2.5” alternative to traditional industry giant Ticketmaster.
More than 4 million blockchain-based tickets have been issued using Get Protocol’s tech so far, the company claims, including stubs for artists such as Ne-Yo, Gucci Mane, Lewis Capaldi, and comedian Louis C.K. The company says it has a number of other splashy announcements in the pipeline.
Social
a16z crypto, Snoop Dogg join $20 million Series A funding round for web3 music firm Sound | The Block
Web3 music firm Sound has raised $20 million in Series A funding.
a16z crypto led the round. Additional participants included Palm Tree Crew, A Capital, Sound Ventures, Collab + Currency, Scalar Capital, Snoop Dogg, Ryan Tedder and Tay Keith.
“The funds will give us resources to grow our team and further our mission to make Sound the home of music discovery on the web and mobile,” the firm’s co-founder David Greenstein told The Block.
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Market Movement
JPMorgan says Ripple’s XRP ruling is a win for Coinbase | The Block
The recent ruling on Ripple’s XRP token benefits Coinbase as it narrows the crypto exchange operator’s downside risk, according to JPMorgan.
“The ruling appears on the surface to be a win for Coinbase in its recent lawsuit by the SEC,” JPMorgan equity analysts led by Kenneth Worthington wrote in a report on Friday. “We see Coinbase in the best position to benefit from the improved confidence and regulatory clarity given Coinbase’s market-leading position and respected reputation in the industry.”
SEC faces ‘wake up call’ after Ripple ruling, though appeal likely | The Block
Analysts saw a federal judge’s split decision in the Securities and Exchange Commission’s case against Ripple as a ‘wake-up call’ for the SEC, though the decision could be reversed on appeal.
The extent of the decision’s impact beyond Ripple’s case remains to be seen, as the judge declined to rule that some of Ripple’s sales of XRP violated securities law, though sales to institutional investors did.
Bitcoin price breaks through $31,000 in wake of XRP court ruling | The Block
Bitcoin’s price maintained its position above $31,000 on Friday, having crossed the threshold a day earlier in the wake of a ruling from a U.S. judge that suggested the XRP token isn’t necessarily a security if sold on an exchange.
The price of the world’s largest crypto currency was up 1% over the past day to $31,251 as of 12:51 p.m. in New York, according to CoinGecko.
Approximately $56 million worth of Bitcoin short positions have been liquidated in the past 24 hours, according to data from CoinGlass.
Crypto volumes increase post Ripple ruling | The Block
Crypto trading volumes across spot exchanges increased following a judge ruling that Ripple’s sales of XRP on public trading venues did not constitute the sale of securities.
Data from The Block’s data dashboard shows the seven day moving average for spot trading volumes on exchanges increased from $12.74 billion on July 12 to $16.56 billion on July 14.
Securities law professor J.W. Verret unpacks the recent XRP verdict and the implications it could have for Coinbase’s case against the SEC
BlackRock’s Larry Fink says crypto will transcend any one currency | The Block
BlackRock CEO Larry Fink sang crypto’s praise again on Friday, just a week after he highlighted the role of bitcoin as a kind of “digitizing gold.”
“It’s an international asset,” he said in an interview with CNBC, referring to crypto on broad terms. “It has a differentiating value versus other asset classes, but more importantly, because it’s so international, it’s going to transcend any one currency.”
“If you just look at the value of our dollar, how it depreciated the past two months and how much it appreciated over the last five years, an international crypto product can really transcend that,” he continued. “And that’s why we believe there’s great opportunities. And that’s why were seeing more and more interest. And that interest is broad-based, worldwide.”
Binance dismissed more than 1,000 employees in recent weeks: WSJ | The Block
Binance, the world’s biggest cryptocurrency exchange, has laid off more than 1,000 employee in recent weeks, The Wall Street Journal reported, citing a source.
Binance could continue to lay more people off, potentially dismissing “more than a third of its staff,” the person said.
Earlier this month, Binance chief strategy officer Patrick Hillman confirmed he was departing the company, saying he was doing so on good terms. Fortune had reported that he, along with other top executives, were departing the company.
Cross-chain project Multichain has confirmed, after weeks of rumors, that its CEO Zhaojun was detained by Chinese police and is still under custody.
The project said that Chinese police took his computers, phones, hardware wallets, and mnemonic phrases. While the project is protected by multi-party computation, the servers running this were controlled by Zhaojun’s personal cloud server account. As a result, when he was detained, those who would normally sign such transactions had their access revoked — hence why the project was unable to initially fix its technical issues.
The project noted that all operational funds and investor funds were under Zhaojun’s control and are now with the Chinese police.
Europe’s first spot bitcoin ETF to launch this month | The Block
Europe’s first bitcoin ETF is set to launch later this month, listed as BCOIN on Euronext Amsterdam.
Jacobi Asset Management postponed a 2022 launch of the bitcoin ETF, citing last year’s Terra Luna and FTX collapses as the reason for the delay. The firm said it is now on track to launch later in July, as “demand has shifted.”
Jacobi first gained approval for the ETF from the Guernsey financial regulator in October 2021.
Hedge funds are showing robust confidence in crypto, PwC says | The Block
Even though the percentage of traditional hedge funds investing in crypto declined from 37% to 29% in 2023, confidence in the value proposition and long-term sustainability of crypto assets “appears robust,” PwC said Wednesday in a report.
Traditional hedge funds with current crypto investments plan to either maintain or increase exposure, the report found. And that’s regardless of market volatility and ongoing regulatory uncertainty that have challenged the sector.
Over the past year, the average allocation to crypto by traditional hedge funds increased from 4% to 7%. Still, slightly over half of traditional funds surveyed said they are unlikely to invest in crypto over the next three years.
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Comma3 Opinions
- The liquidity in the market is very poor. Due to Ripple Labs’ victory in the case against the United States Securities and Exchange Commission, the market suddenly skyrocketed, with $BTC reaching 31,000 and $ETH reaching 2,000. Why does the market experience such extreme volatility in a bearish market? This indicates a depletion of liquidity, where a small amount of capital can significantly influence market fluctuations. We have screenshot the monthly DEX volume in the past, which has been consistently low or stagnant.
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“We trust Cryptography more than any third parties.” Cryptographic methods and techniques required to establish trustless bridges for cross-chain transactions.Multichain incident deserves careful consideration, it reminds us that asset cross-chain operations should not rely on third-party bridge solutions. Many protocols may ideally decentralized but are unable to avoid “single point failure” scenarios. Currently, the most secure solution, in theory, is to achieve bridgeless interoperability through cryptographic techniques, specifically encrypting and decrypting users secret keys. Here are two papers we have been studying recently that discuss how to achieve trustless bridges through cryptography:
1) An incomplete guide to stealth address;
https://vitalik.ca/general/2023/01/20/stealth.html
2) Trustless Bitcoin Bridge Creation with Witness Encryption
https://ethresear.ch/t/trustless-bitcoin-bridge-creation-with-witness-encryption/11953
- BTC ecosystem, we are exploring 2 investment opportunities in BTC ecosystem – Security and Liquility. 1) BTC as securtiy layer, we are valued BTC is the most secure blockchain in the world, other blockchain can leverage BTC as a security layer to dedicate in onboading user quickly. 2) BTC native liquidity release will be an interesting narrative in the next cycle to empower and enhance DeFi market, can’t imagine if $600B BTC Market join and play in DeFi Legos.
Comma3 Investment Team